Wrapped Bitcoin

<ul><li>A crypto trader was defrauded of $67.8 million in Wrapped Bitcoin (WBTC) due to an address poisoning scam.</li><li>Address poisoning involves deceiving users into sending cryptocurrency to a similar-looking wallet address, leading to significant asset losses.</li></ul>Crypto scams have impacted many people in recent years. While some attacks are well-known and commonly recognized, others are not as familiar. For instance, have you ever heard of address poisoning? If not, you’ll now not only know about it but also understand its severity.Now, here’s what happened. <a href="https://twitter.com/CyversAlerts/status/1786363410243858869" rel="noopener noreferrer nofollow">Cyvers Alerts</a> reported on X (formerly Twitter) that an unknown trader lost more than 97% of their total assets, valued at over $67.8 million in Wrapped Bitcoin (WBTC), in a single transaction due to an address-poisoning scam.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/21b967fc0ada479dbc22d573de2bc32a.png" />For those unfamiliar, address poisoning attacks are a form of <a href="https://newzchain.com/tag/crypto/?utm_source&#61;CMC&amp;utm_medium&#61;Article&amp;utm_campaign&#61;CryptoScamNews" rel="noopener noreferrer nofollow">cryptocurrency</a> scam where attackers send small amounts of cryptocurrency to a wallet address resembling the target&#39;s. The aim is to deceive the target into accidentally sending more cryptocurrency to the attacker’s address.Amid the gravity of the situation, an X user commented suggesting that these might be wash trading transactions, doubting that someone with $68 million would act so foolishly as to pretend &#34;they were scammed.&#34;However, Scam Sniffer <a href="https://twitter.com/realScamSniffer/status/1786388086752260505" rel="noopener noreferrer nofollow">noted</a> that similar episodes have previously occurred, which former Binance CEO Changpeng Zhao (CZ) has also discussed on X.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/f167ce4d8a014c728dcc3ff80b631f8e.png" />For more news related to web3, crypto, blockchain, and more, visit <a href="https://newzchain.com/?utm_source&#61;coinmarketcap&amp;utm_medium&#61;cmc_article&amp;utm_campaign&#61;RWAnews" rel="noopener noreferrer nofollow">Newzchain</a>.

Crypto Trader Loses $68 Million in Address Poisoning Scam

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